lori heinel is global deputy cio at -- here we go.like the chinese might have the americans on the ropes, or slightly on the run. your take on the latest salvo? thank you for having me. there has been a cat and mouse game going on. .ou will have an -- olive branch. i don't think this is difficult -- different than the rhetoric is the had manus: bastion for you long american equities come along the dollar rather than the rest of the world the alcove we are hunkering down for a longer-term -- lori: the u.s. economy is doing well relative to the rest of the world. that is reflected in capital flows being interested in u.s. assets. , anything that continues to weigh on that, that suggests this is turning into a broader global recessionary impact which ultimately pulls the u.s. down with it, any of those are things that are going to make investors nervous. manus: have a look at this. undoubtedly, bond traders had the narrative, didn't that? the bonds were winning control of the narrative. the yields were beginning to turn. next in the stor

still with us, lori heinel of state street. at what we've learned from european banks, do we have a broad take away yet? have we found a bottom for them? octavio: if you look at the two banks that have announced so far, ubs and barclays, they seem to be going in diametrically opposite directions. bank did quite badly. barclays did very well. ubs didn't do so well in domestic retail banking, and barclays did kind of mediocre. these two banks so far aren't really giving us any real direction, but i think what we will see overall is a bit of softness in domestic markets, a ,iny bit of growth there loan volume up, and on the investment banking side in the european market, things do not look so great. we seen some downturn there, a big downturn in ipo activity, trading volumes have been flat a bit. so far, we haven't seen much of a direction, but i think it will be that investment banking and europe will draw things down, and domestic and corporate will be kind of flat and down slightly overall. romaine: are you a little concerned t